All residential real estate sales involves certain fixed costs. Sellers and buyers almost always split these closing costs, as specified in the sales contract.
As you'll see below, many of the buyer's costs cover the costs of getting the loan. At Bob Rutledge Mortgage, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive list of closing costs related to your mortgage in your "Loan Estimate".
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs specified in the LE are estimated based on our experience with mortgage loans, but costs usually change a little bit between delivery of the Loan Estimate (LE) and closing. We review LEs with buyers every day, so we'd be glad to answer any questions you have about closing costs.
Below is a fairly general list of closing costs. We will provide a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs Loan-Related Costs Appraisal Costs Credit Report Interest Payment Escrow Account Various TaxesLoan Origination Fee Points — A fee paid to lower your interest rate (optional) Property Taxes Insurance Transfer Taxes and Recording Fees Homeowners Insurance Title Insurance Flood or Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI)
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